Between 2023 and 2024, the population of Bitcoin millionaires surged by nearly 111%, totaling 85,400, which constitutes 49.6% of all crypto millionaires by 2024. In the context of cryptocurrency billionaires, five out of the six newcomers this year have also attributed their wealth to Bitcoin, as revealed in Henley & Partners’ 2024 Crypto Wealth Report.
The Rising Wave Of Crypto Millionaires And Billionaires
Since 2023, the global count of individuals holding at least $1 million in crypto assets has skyrocketed by 95%, reaching 172,300. Bitcoin millionaires now account for almost half of all cryptocurrency millionaires worldwide, marking an increase of just over 111% from the previous year.
Five of the newly minted billionaires started their journey with Bitcoin. With six more billionaires added to the list in 2024, the total number of Bitcoin billionaires has reached 28, highlighting Bitcoin’s prominence in the digital landscape. As more investors recognize the potential profitability of this asset, it increasingly becomes a staple in their portfolios, solidifying Bitcoin’s status as a leading investment choice.
Source: Henley & Partners
Advancements In Bitcoin Adoption
In the United States, the approval of 11 spot Bitcoin ETFs has significantly contributed to this trend, accelerating the adoption of Bitcoin. The growth in Bitcoin millionaires correlates with regulatory advancements globally that have encouraged greater investment and participation in the cryptocurrency market.
The statistics indicate nearly $20 million of investments in those ETFs, as some investors prefer regulated funds to traditional exchanges. Other nations, like Singapore and the United Arab Emirates (UAE), have also advanced crypto utilization by implementing very supportive regulations. Notably, the UAE has abolished capital gains taxes and permitted residents in Dubai to trade cryptocurrencies directly using their bank accounts.
The Singapore government has taken considerable steps to regulate digital assets successfully, introducing new asset custody guidelines and revising the Payment Services Act to create a more accommodating framework for digital payments.
Global Crypto Hubs And Their Impact On The Market
Several other global locations have emerged as pivotal hubs for cryptocurrency research and investment. Caribbean nations including Antigua, Barbuda, St. Kitts, and Nevis have enacted forward-thinking legislation to attract digital asset entrepreneurs, thereby diversifying the array of crypto-friendly jurisdictions worldwide. This is exemplified by Zug’s “Crypto Valley” in Switzerland, which boasts a robust blockchain ecosystem and actively promotes digital assets.
Featured image from Pexels, chart from TradingView
